Real Estate Ups and Downs

Market Report through June 2018

Maui County’s June real estate statistics are great news for condo sellers, not so great for median income home buyers.

According to monthly figures released by the Realtors Association of Maui, the median price of a single-family home in June was $727,500, down 1.7 percent from the $740,000 posted in the same month last year. However, at the same time last year, home prices had topped $700,000 four times in the year ending in June. This June, housing prices have gone over $700,000 five times. The 12-month average for median home sales last month was $689,000, up 2.1 percent from the same period last year.

For condominiums in the year’s first half, Kihei had the most sales, by far, with 321, up 14.2 percent from last year. The median sales price grew 5.7 percent to $407,000.

The next highest area for condo sales volume was in Wailea-Makena where 128 condos exchanged hands, up 56.1 percent. Condo prices in the luxury area were up 11.3 percent to $1.13 million.

In Napili-Kahana-Honokowai, 122 units sold, up 13 percent. The median price increased 9.9 percent to $442,500. Kaanapali had the fourth most condos sold with 90, up 45.2 percent. There, the median price was down 5.2 percent to $808,000.

Wailuku saw 88 condos sold, an increase of 44.3 percent. The median price dropped 5.7 percent to $386,784.
For the first six months of this year, median home prices were down 2.1 percent to $690,000. Overall, sales volume was up 5.1 percent to 575 homes.

Median condominium prices were at $515,000 in June, up 19.8 percent compared with the same month last year. The 12-month average median condo price was $465,000, up 6.9 percent. Sales volume was up 22 percent to 870 units.

Looking at single-family home sales, by region, for the year’s first six months:

• Slightly more than half of all home sales were in three regions: Wailuku (119, up 21.4 percent), Kihei (88, down 9.3 percent) and Kahului (82, up 13.9 percent). Median sales prices were up 5.3 percent to $635,600 in Wailuku; down 8.8 percent to $670,000 in Kihei; and up 15.6 percent to $676,193 in Kahului.

• Haiku had the next highest number of home sales with 48 (up 9.1 percent), and the median sales price in the region rose 2.6 percent to $763,750. Lahaina and Kula-Ulupalakua-Kanaio had 35 (up 16.7 percent) and 34 (down 30.6 percent) sales, respectively. The median price fell 39.9 percent to $850,000 in Lahaina, and it increased 18.3 percent to $999,500 in Kula-Ulupalakua-Kanaio.

To find out the current value of your home, contact our real estate partner, www.destinationmauirealty.com

 

2018-07-16T13:09:10+00:00
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